45 Hour Post License Final Exam Questions & Answers

If an appraisal falls short of the needed value to close the deal, one of four outcomes would result. Which one of the following is NOT one of those 4? - ANSWERSThe seller would raise the selling price in order to make up for the shortfall. Which of the following steps would not be common to complete a mail away closing? - ANSWERSthe agent would sign on the absent persons behalf Your buyers' lender tells you that your buyer will qualify for a loan up to $359,000. The lender advised you that this was based on the house not located in a flood zone and no more than $150 a month in HOA fees. The buyer was searching online and found a house located in a popular neighborhood. When you pull the listing information you discover that the house is only $336,000 but is in a Flood Zone "A" and HOA fees are $300 a month. Which is the best course of action to take? - ANSWERSContact the buyer's lender to review the information about the property and schedule a showing to coincide immediately after the expected response time from the lender. What is the formula to calculate how many leads are needed to generate clients? - ANSWERSClients Required ÷ Lead Conversion % Stacey hired a real estate licensee to advertise a home for sale in the MLS and to handle the contract. However, the seller planned to handle their own showings and open houses and did not want to pay the agent for those services. Which type of listing agreement would be appropriate? - ANSWERSLimited listing agreement Asking a client: "What's the one thing that is keeping you from moving forward?" is an example of ___. - ANSWERSisolate the objection You are working with Alana, a buyer, that wants to purchase a resale condo anywhere on Longboat Key. She has narrowed it down to 2 units in different condo developments. As the buyer's agent, you should make sure she gets ____ within 3 days for whichever condo she enters into a contract. - ANSWERSMost recent year-end financial report, Governance form A buyer received a clear to close from his lender. Which of the following would NOT still need to be completed? - ANSWERSearnest money deposit Per the statute - when a condominium is sold or re-sold, specific documents must be provided from the seller to the buyer. The seller of new condo's must provide the buyer with 5-6 different required documents. Re-seller must provide the buyer with 7 different required documents. Which of the following is only required on new condominium sales? - ANSWERSEstimated Operating Budget You are working with buyers, Tina and Jeff. You explain to them you will provided them a list of up to 20 houses that most closely match their wants and needs. They need to narrow the list down to the top 6. You tell them you will show them 6 different houses. If they buy one of those 6 you will give them $600 out of your commission. Under RESPA and TILA this is ___. - ANSWERSOkay, if handled correctly and disclosed to all parties. Real estate agent Belle was arrested for theft while in California. Which of the following is true regarding the situation? - ANSWERSAgent Belle would have up to 30 days to report the violation to the DBPR. A couple is in town on a "buying" trip. You pick out homes listed in the multiple listing service based on a needs assessment and spend the weekend showing them houses. One home is of interest to them, yet they leave town without making an offer. You agree to send them other options by email. The next day they call and ask you to find answers they now have regarding the home they had seen and favored. Upon contacting the listing agent, the agent informs you that another real estate agent has contacted her for the same buyers. However, that agent has not actually shown them the house. If the buyers purchase the home using the other agent, what is the likely outcome? - ANSWERSYour broker would pursue payment from the listing broker siting procuring cause. Agent Cinderella just got her real estate license but wasn't ready to start working as an agent yet. Which of the following should she not do? - ANSWERSDon't worry about the 45-hour post-license course until she starts working. Agent May wanted to become a broker-associate. Steps to do so include all of the following except: - ANSWERS*1) Take a 63-hour pre-licensing sales course.* 2) Have completed 2 out of the previous 5 years as an active real estate sales associate licensee, either within or outside of Florida. 3) Submit an application to the DBPR. 4) Pass the state broker exam. You are doing a buyer presentation for Connie. You tell her that, "I work for one of the largest brokerages in town. This means that I have undergone the best training possible to make sure that I am looking out for your best interests!" This is which step in the buyer presentation and is also considered? - ANSWERSStep 3; Buyer Feature Benefits Which statement is true about prospecting for buyers? - ANSWERS*1) Prospecting for buyers is easier than prospecting for sellers.* 2) Prospecting for sellers is easier than prospecting for buyers. 3) Prospecting for buyers has a much lower return on output than prospecting for sellers. 4) Spending 85% of your time prospecting for sellers will produce at least 85% more sellers to work with. Which duties are all licensees bound to? - ANSWERS1) Loyalty 2) Limited confidentiality 3) Obedience **4) Accounting of all funds.** Door knocking is an example of: - ANSWERSlead generating Which would you expect in a property management contract? - ANSWERS1) The length of the property management contract. 2) The amount of compensation to the property manager. 3) Conditions for when compensation will be collected by the property manager. * 4) All of the above.* A transition to transaction agent form would be used when? - ANSWERSThe agent is working with the seller as a single agent and also wants to represent the buyer. Which statement is false about becoming involved in a community group? - ANSWERS*1) Your primary focus should be prospecting, with the group sales secondary.* 2) This is a form of prospecting. 3) It works best when you take the time to develop real relationships with those attending the group. 4) It is important to stay in touch with people in the group to let them know what you are doing in real estate. You submit an offer to a listing agent on behalf of your buyers and the seller accepted the offer. Your buyer wrote the offer based on believing the hot tub stayed with the property. You advised them that it did because the listing agent did not note that it was excluded in the MLS listing. The deal closes and the buyers move in. The next morning you have a message from your buyers that the hot tub is gone. Which is the most likely outcome? - ANSWERS1) You are liable to your buyer for the loss of the hot tub. When a licensee works with a buyer that is looking for a "fixer upper," what loan product would allow the buyer to purchase the home? - ANSWERS2) Section 203(k)